Crypto analyst devastating attack by Tuur Demeester on Ethereum (ETH)

December 29, 2018 Ethereum



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/ News / 2018/12 / crypto-analyst-tuur-Demeester motor-devastating-attack-on-Ethereum-ETH /

Friday (December 28, 2018), the cryptographic analyst Tuur Demeester, managing editor of Adamant Research and founder of the Bitcoin alfa Adamant Capital fund, took on Twitter to launch a devastating attack on Ethereum (ETH), in which he exposed the case against Ethereum, closing its argument by calling it "Yahoo of our days" (ie "an unrepeatable" cryptocurrency "blue chip").

Tuur started his amazing tweetstorm with the following tweet:

The next tweet explained why he feels he has to point out the Ethereum's flaws:

If you want to read the Tuur tweetstorm in its entirety in an "article" format, you can use Thread Reader.

What we will see in this article is to focus on some of the most interesting points raised in Tuur's argument.

Ethereum is not scalable

  • "I am in agreement with the developer of Ethereum Vlad Zamfir that it is not money, it is not secure and it is not scalable". Here are two tweets from blockchain researcher Vlad Zamfir (who works at the Ethereum Foundation and is the main developer of the Casper protocol upgrade) on which Tuur relies on backing up this statement:
  • "Despite the strong optimism that Ethereum's chain scalability was behind the corner" (with the founders of Ethereum speaking about sharding as early as June 2014), "this promise has not yet been released to date" .
  • "Recently, a team of reputable developers has decided to review the long-awaited Casper / sharding white paper, concluding that it is not at the height of its own affirmations."
  • "On the second-level front, developers are now attempting to scale Ethereum via scale through the status channels (Lightning version of ETH), but it is not clear whether ERC20 tokens in the main chain will be transferable to this environment."
  • "In 2017, another Ethereum scalar hum was created, this time the panacea was" Plasma "."
  • "However, after careful consideration, it was the recycling of some obsolete ideas, and the project did not go anywhere:"
  • "Putting" all on the blockchain "(which stores everything forever) and doubling the world's computer", you'll end up with a very slow and clogged system. "
  • "Now the inflating of Ethereum is so serious that for a layman it is practically impossible to manage a single node cheaply: ETH developers also beg people not to distribute more smart contract apps on their blockchain."

The transition from & # 39; Job Trial & # 39; (PoW) a & # 39; Punch Proof & # 39; (PoS)

  • "The elephant in the room is the transition to the test of the pole, an" ecological "way to ensure the chain (if this was the plan always, why first create a chain of work trials?)"
  • The medium post by Hugo Nguyen "highlights some of the fundamental problems of pole test design".

The value proposition of Ethereum is utopian

  • What Tuur refers to is a post Vitalik Buterin made on Reddit two years ago, in which he identified the "unique value propositions of his own Ethereum".

Vitalik's post.jpg

  • And this is the tweet Tuur sent a few days ago, which has compared "Ethereum-ism" to Marxism:

Ethereum is becoming more and more centralized

Afri Schoedon, release manager for the Parity Ethereum, has sent this tweet about Infura (which is managed by ConsenSys) in October 2018:

Ethereum is not resistant to censorship

Tuur says that despite the fact that in 2016 the "Ethereum World Computer" was "uncensurable", "later that year, after only 6% of ETH holders had cast a vote, the developers of ETH core decided to approve a hard-fork that clawed back the funds from an intelligent contract that held 4.5% of all ETH in circulation ".

Ethereum ICO

  • "That's why Ethereum is dubious to me: rather than creating an open source and testnet project to work on these interesting computer problems, its founders have instead made a stock of securities, involving many thousands of inexperienced retail investors" .
  • "Investing in Ethereum ICO was similar to buying shares in a startup that had" invented time travel "as part of its business plan.Imo was a daring security offer, and gave the tone to the terrible capital mismatch of 2017 ICO boom. "

Featured image Credit: photos via Pexels.com

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